Mozambique Oil & Gas: Rovuma Coral FID still pending
Mozambique’s debt as a percentage of its Gross Domestic Product (GDP) rose to 130% last year, from 86% in 2015 and 38% in 2012, according to data from debt relief campaign group Jubilee Germany, as published by German state broadcaster Deutsche Welle March 20.
Mozambique missed the first $60mn coupon payment on its sovereign bond on January 18 2017, according to a briefing note by Nick Branson last month of Africa Research Institute.
ProIndicus, one of three Mozambican state companies set up in 2013 to secure secret loans which in due course were provided by Credit Suisse and Russian bank VTB, is due to make a capital repayment of $119mn on March 21 2017. According to Branson, it is not expected to pay. (Source: By Mark Smedley at Natural Gas World)
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